Brexit Will Cost EU's GDP 0.3-0.5% Over Next 3 Years

Britain's departure from the European Union is expected to shrink the Eurozone's economy by 0.3-0.5% in the next three years, European Central Bank (ECB) said Tuesday.

    President of the ECB Mario Draghi informed EU leaders of the bank's estimates, German news agency DPA reported today. Draghi stressed that the ECB was ready for all contingencies saying that preparations included making sure that existing arrangements for the Frankfurt-based bank to stabilize markets and provide liquidity are usable, active and adequate.

    The Brexit vote caused a two-day sell off in the global markets, the value of the Pound Sterling also fell more than 8% during those two days.